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🇭🇰 Hong Kong Official Invites Coinbase Despite SEC Investigation, June 11
Hong Kong’s Legislative Council member Johnny Ng has expressed his support for the crypto industry in Hong Kong and has invited Coinbase and other crypto exchanges to establish operations in the region. In a tweet, Ng acknowledged the important role that crypto trading operators like Coinbase play in the industry and offered his assistance to help them set up. He also hinted at potential stock listing opportunities, which could further bolster the industry’s growth in HK.
This move by Ng comes at a time when major players like Binance and Coinbase are facing lawsuits from the SEC. Despite this, Hong Kong has taken a progressive stance towards cryptocurrencies and has actively overseen crypto assets through regulation. In fact, the Financial Secretary of Hong Kong, Paul Chan, declared the government’s dedication to establishing a strong ecosystem for crypto and fintech in January 2023. Since then, Hong Kong has been working on formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry. HKMA revealed its intentions to establish the groundwork for the introduction of a retail Central Bank Digital Currency (CBDC).
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📣 New Stablecoin Bill Drafted by House Republicans as Compromise With Democrats
The Republican chair of the House Financial Services Committee has released a new draft of the leading U.S. legislative proposal for overseeing stablecoins, and it includes some of the positions of Democratic lawmakers. The bill posted Thursday is still just a draft, meant to be further discussed at a June 13 committee hearing, but it marks another potential move toward a bipartisan negotiation on the legislation.
This considerably shorter new draft is meant to start melding some of the two parties’ positions, according to a committee spokesperson, and also adds further points from Republican committee members. This version would call for the Fed to write requirements for issuing stablecoins but would still let state regulators oversee the companies issuing the tokens. It gives the Fed a few additional authorities of the Republican’s previous bill, including a power in emergency situations to intervene against state-regulated issuers. States could also pass their supervision duties over to the federal watchdog.
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🇺🇸 SEC Sues Coinbase Alleging Unregistered Securities Sales
SEC sues Coinbase for unregistered securities sales after suing Binance one day prior. The SEC alleges Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019. According to the lawsuit document, Coinbase has operated as an unregistered broker, exchange, and clearing agency since 2019. The SEC alleges that the US exchange has offered and sold securities without registering its offers and sales.
Coinbase has serviced over 108 million customers, accounting for billions of dollars in daily trading volume in hundreds of crypto assets. The platform merges three functions that are typically separated in traditional securities markets—those of brokers, exchanges, and clearing agencies. The SEC stated that the exchange has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets. The assets that Coinbase makes available include crypto asset securities, and the SEC alleges that the following tokens are securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
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📣 The Number Of Crypto ATMs Installed Increases Again After 4 Months Of Decline
After 4 months of seeing a decrease in the number of Bitcoin and crypto ATMs, this past May has recorded a positive increase. Over the first four months of 2023, the total number of crypto ATMs decreased steadily. At this time, the number of net crypto ATMs globally fell by 5,850. Yet, according to Coin ATM Radar data, 1,397 machines were added back to the worldwide crypto ATM network in May. Although large economies like as the United States and Europe contributed to the decline.
Crypto ATMs, also known as Bitcoin ATMs, are electronic kiosks where consumers may perform financial transactions, however they are built for cryptocurrency rather than cash. According to the research company How Many Bitcoin ATMs, there are around 63,000 of these crypto ATMs in the United States. If you’ve ever contemplated using one, here’s what you should know about them. Although Bitcoin ATMs do not contribute to the expansion of the Bitcoin network, they do act as a physical gateway for users to exchange fiat currency for crypto. Australia deployed a total of 233 ATMs in 2023, propelling it to the third-largest crypto ATM hub in the world.
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🪙 Elon Musk Faces New Lawsuit Alleging Dogecoin Manipulation
The lawsuit claims that Elon Musk’s actions caused significant financial losses to the investors, amounting to hundreds of billions of dollars. The lawsuit, filed in a Manhattan court, alleges that during 2021, Elon Musk engaged in various activities to promote Dogecoin, including frequent mentions on his personal Twitter page and promoting the cryptocurrency on US television. The investors claim that these actions artificially inflated the price of Dogecoin.
The group of investors also highlights an incident in April 2023 when Musk sold $124 million worth of DOGE shortly after replacing the Twitter logo with the Dogecoin logo on his social media profile. This move allegedly triggered a 30% price spike in Dogecoin at that time. The lawsuit, which began in June 2022, also accuses Musk of directing his companies, Tesla and SpaceX, to accept DOGE payments to create a false perception that Dogecoin was a viable investment. The investors are seeking $258 billion in damages from Musk, Tesla, and SpaceX. Elon Musk’s legal team has been attempting to dismiss the case, dismissing the presented details as “fictitious.”
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⚡️ Stunning $12M TVL Growth Sets New Record For Yield Farming App
A new yield farming application called Origin Ether has been making waves in the decentralized finance (DeFi) space. According to data from blockchain analytics platform DefiLlama, the app has amassed over $12 million in total value locked (TVL) just 14 days after its launch on May 16. TVL is a metric that measures the dollar value of assets inside an app’s smart contracts. Before the official launch, team members and early partners had already locked in $793,000 inside Origin Ether’s smart contracts.
Origin Ether’s official documentation reveals that the app generates yield from Ether by depositing it into multiple liquid staking and DeFi protocols. The app utilizes an algorithmic market operations strategy on Curve and Convex to maximize returns. Before being deposited into these protocols, some of the ETH is converted into liquid staking derivatives, such as Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). This allows users to gain additional farming rewards from these providers. the public launch on May 16 led to a rapid accumulation of deposits, which resulted in a staggering TVL of over $13 million by May 30. This represents a gain of approximately $12.6 million in just two weeks.
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🔻 3.6% Optimism (OP) Tokens Worth $258 Million Will Be Unlocked This Week
According to data from Unlock Tokens, on May 31 of this week, 3.6% of Optimism tokens worth $258 million will be unlocked. This month there is one last major unlock on May 31 from the layer-2 Optimism project, with 154 million OP tokens – worth $248 million at current exchange rates. This amount of tokens is equivalent to 3.6% of the total OP supply. The amount of unlocked tokens will be allocated to the primary investor group and the development team.
Until June 6, Optimism will conduct an extremely important upgrade that is the foundation to improve many technical aspects and optimize transaction fees for this layer-2. Bedrock will also pave the way for another layer-2 solution that uses Optimism’s technology, Base, for mainnet deployment. One of the main advantages of the Bedrock upgrade is the expected reduction in transaction fees. OP Labs, the developer of the protocol for Optimism, estimates that transaction fees will drop by an impressive 47%. After a sideways period, the OP price recorded a 3% increase along with the positive news from Bitcoin today after the threat of US debt default waning. OP is currently trading at $1.66.
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💰 Crypto Critics Peter Schiff To Launch Bitcoin Ordinals NFT Collection
Peter Schiff, an economist, gold supporter, and crypto skeptic, has announced a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon be auctioned off. The crypto community’s response has been divided, with individuals usually perplexed, amused, and welcome, particularly Ordinals supporters or those willing to point out the obvious hypocrisy. For years, Schiff has openly criticized cryptocurrency, particularly Bitcoin, at every opportunity.
Despite this, Schiff launched the “Golden Victory” collection on May 27 through a Twitter thread co-created with one of his favorite artists, Market Price. The Golden Victory features the original painting (oil on linen – 48 x 60 inches) signed by both artists and copies numbered 1 through 50, according to the link given by Peter Schiff. Each print has a one-of-a-kind Signature etched on the Bitcoin blockchain. The auction will begin on June 2 and conclude on June 9. The first auction is for originals, while the second is for both originals and copies. On June 9, Peter and the artist attended the New York auction (295 Madison Ave, NY). In addition to criticizing Bitcoin, Peter Schiff pointed out two years ago that NFTs.
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📣 Whales Transfer 9.7 Million FTMs To Binance Exchange Amidst Multichain Concerns
In recent news, a significant transfer of 9.7 million FTMs (Fantom tokens) to Binance Exchange has raised eyebrows in the cryptocurrency community. This transaction comes at a time when concerns over the Multichain incident have sparked panic regarding the status of Fantom. The whale address involved made the deposit at an average price of $0.33 per FTM, with an average purchase cost of $0.4.
On May 25th, Web3 knowledge graph protocol 0xScope took to Twitter to highlight the Multichain incident, which caused significant alarm regarding the state of FTM and the Fantom ecosystem. Adding to the growing concerns, a whale address recently transferred a substantial amount of 9.7 million FTMs to the renowned cryptocurrency exchange, Binance. The tokens were deposited at an average price of $0.33 per FTM, which indicates a considerable investment by the whale. It’s worth noting that the whale’s average purchase cost for the tokens was $0.4, suggesting that they may have acquired the FTMs at a higher price.
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🇨🇳 Nanjing Launches China Government Backed Metaverse Platform
Nanjing City launched the China Blockchain Technology and Application Innovation Platform to build the China Metaverse technology and application innovation platform. This newly established Chinese state-backed organization is led by Nanjing University of Information Science & Technology (NUIST). According to the announcement on the official NUIST social media account, the platform is comprised of founding members representing diverse academic institutions and blockchain-related companies across mainland China.
According to a media report on Tuesday, Wu Zhong-ze, former Vice Minister of Science and Technology, emphasized the need for Chinese state agencies to introduce a series of metaverse applications in fields such as education, commerce, healthcare, and entertainment. He also urged the setting of metaverse industry standards. Nanjing is one of many Chinese cities vying for a leading role in the nation’s multi-dimensional development. The city announced its metaverse strategy in February 2023, setting the ambitious goal of establishing this industry generating annual revenue in excess of 135 billion yuan ($19.13 billion) by the end of the 2025.
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EOS Network Participants Should Consider Legal Action Against Block.one: EOS Foundation CEO
EOS Network participants should consider taking legal action against major investor Block.one (B1) for "broken promises" over its investment in the ecosystem, according to the founder of the EOS Network Foundation. Yves La Rose said legal action is one of two possible ways to hold B1 to account for not investing the $1 billion it promised during the network's initial coin offering (ICO) in January 2018.
The other option is a hard fork to exclude EOS tokens held by B1 to fully disassociate itself from its former backer. "As a result of B1’s broken promises, the EOS Network is under-capitalized and the development of the EOS Network has been significantly stunted," La Rose wrote in a letter dated May 20. EOS token holders purchased their tokens "relying on representations of ongoing investment in the EOS ecosystem," which never came leading one to conclusion that B1 never intended to make the promised investments, according to La Rose. The EOS token is currently trading at $0.85 having slumped by 32% since April 14.
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🇺🇸 U.S. Sanctions Watchdog Alleges Russia-Linked Crypto Wallet Processed $5M
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) rolled out a new massive wave of sanctions against Russian industrial companies, as well as people and entities that helped Russia move money while the country has been waging war in Ukraine. Among the 22 individuals and 104 entities in the sanctions list published Friday, there is one cryptocurrency wallet, first spotted by the blockchain intelligence company Elliptic.
The wallet on the Ethereum blockchain belongs to a 48-y.o. United Arab Emirates resident from Ireland, John Desmond Hanafin, according to OFAC. A wallet related to a company he led, according to the blockchain data, received over $5.2 million in the tether stablecoin (USDT) since the beginning of the war. According to OFAC, Hanafin helped high-net-worth Russian citizens obtain passports from other countries, as well as move money across borders while Russia has been cut off from major global payment networks by previous sanctions. It’s not clear for what purposes Hanafin and his company used crypto.
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📣 Bit Digital Defies US Regulators, Expands Bitcoin Mining To Iceland
Amid growing regulatory pressure and a proposed cryptocurrency mining tax in the United States, New York-based Bitcoin (BTC) mining company Bit Digital is expanding its infrastructure in Iceland, placing as many as 2,500 newly bought mining machines there. The move comes as a response to current regulatory uncertainty and a broader government crackdown on digital asset companies in the US. Specifically.
Bit Digital plans to announce the sending of the new Bitcoin mining computers outside the US, in the first move of its kind for this company in two years, at the Bitcoin 2023 conference in Miami, according to a report by the Wall Street Journal on May 18. As Samir Tabar, chief executive of Bit Digital, explained, the company has decided to look at different jurisdictions due to instability. In the past, the machines have come to the United States, but now the company needs to take a serious look at different options. The US Treasury Department is considering taxing cryptocurrency mining firms 30% of their costs of electricity, arguing that miners raise the electricity costs on shared grids and have a negative impact on the environment due to the high power demand.
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📣 BlockFi Creditors Hotly Controversy About Poor Management Of The Company
The creditors dismissed BlockFi’s claim that it was a victim of FTX and Alameda as a false case narrative, blaming the company’s downfall on bad management choices and, later, restructuring agents. The creditor’s committee said that in the days after the FTX collapse, when crypto markets crashed, BlockFi transferred around $240 million in crypto into fiat, resulting in severe financial losses and probable tax concerns for clients.
BlockFi subsequently transferred the money as well as an extra $10 million into Silicon Valley Bank (SVB), which went bankrupt later that year. But, no one at BlockFi, including the restructuring team, followed through on this, and no bond was issued, according to the creditors. The creditors claimed that BlockFi also used consumer cash to obtain a $30 million insurance policy for its directors and executives. Bitcoin has risen more than 60% from the November 2022 lows, and creditors claim that approximately $100 million in value was lost as a result of the decision to liquidate then. A significant chunk of this document has been deleted, notably critical passages.
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🪙 Ethereum Client Prysm Releases v4.0.3 Hot Patch Version
Prysm, an Ethereum client, has released the v4.0.3 hot patch version. This patch version attempts to reduce node CPU pressure and memory use, as well as to prevent beacon nodes from utilizing excessive resources during chaotic moments. Users are recommended to update if node consumption is excessive. Prysm is a Go-based version of the Ethereum consensus layer built by the Ethereum core development team Prysmatic Labs that enables anyone to host a node and participate.
v4.0.3 contains a number of important fixes, and it is recommended that all users upgrade. This release includes fixes for vulnerabilities in the external block generator code path and key manager. Prysm allows users to participate in the decentralized economy of Ethereum by operating a node and, if they have 32 ETH to the stake, a validator. If they’re new to Ethereum, they may like its Nodes and networks explanation. The major goal of the security audit is to safeguard both the project and its users by making suggestions to the team on how to improve and cure any security weaknesses discovered.
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📣 Scimitar Capital Confirms Liquidation Of All Altcoins, Suspects $2B Caused Market Dump
The decision to liquidate crypto holdings by Scimitar Capital, a crypto-exclusive trading firm, is rumored to be the reason for the widespread altcoin price drop on Saturday. While the Bitcoin price is down around 3% in the past 24 hours, the global crypto market value is now $1.04 trillion, down 5.74% in the last 24 hours. Among the top cryptocurrencies, Cardano (ADA) and Solana (SOL) lost the most value, with over 24% in the last 24h for each token.
The situation is that the altcoin drop will continue to linger. For ADA, SOL, and MATIC may be at least 3 more weeks due to the influence of the Robinhood crypto exchange’s delist announcement. For the rest of altcoins in the market, the SEC is a big threat as it is unknown which tokens will be the next target. In a new development, Scimitar Capital, a cryptocurrency trading platform, said it strategically decided to liquidate our crypto holdings. The crypto community believes this is most likely the reason behind the sudden and widespread drop in cryptocurrency prices. The company said in a statement.
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🟠 Binance.US Updated New Delist List From More Than 100 Trading Pairs To 10
According to the official announcement, Binance.US issued a delisting update because of community feedback. The exchange will no longer delete any USDT advanced trading pairs, and all cryptocurrencies and USDT pairs can still be traded. Only some advanced trading pairs of BTC and BUSD are removed. Binance.US will delete the following advanced trading pairs of BTC and BUSD at 12 p.m. EDT on June 8: ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD, and ONE/BUSD.
In addition, Binance.US will simplify buying, selling, and switching products and reduce the number of supported switching trading pairs to 226, and the maximum order amount has been updated to $10,000. The exchange has suspended its OTC trading portal services until further notice in the coming weeks and months. The move comes after pressure from the U.S. Securities and Exchange Commission (SEC) with exchanges Binance and Coinbase. With back-to-back enforcement proceedings against two of the most famous digital asset companies, Binance and Coinbase, the SEC ultimately established its legal case against the sector and set up future court confrontations that might determine everything.
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🇺🇸 SEC Sues Crypto Exchange Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations
The U.S. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng "CZ" Zhao on allegations of violating federal securities laws on Monday. Binance, Binance.US and CZ offered unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD stablecoin, said the suit, which also alleges that Binance's staking service violated securities law.
The suit also alleged multiple times that Binance allowed U.S. persons (meaning U.S. citizens or people living in the U.S.) to trade on its platform, despite saying it wasn't. "As a second part of Zhao’s and Binance’s plan to shield themselves from U.S. regulation, they consistently claimed to the public that the Binance.com Platform did not serve U.S. persons, while simultaneously concealing their efforts to ensure that the most valuable U.S. customers continued trading on the platform," the suit said. "When the Binance.US Platform launched in 2019, Binance announced that it was implementing controls to block U.S. customers from the Binance.com Platform.
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📣 Do Kwon Once Again Out Of Jail, Montenegro Court Accepts Over $400,000 Bail
According to the Financial Associated Press, the Court of Montenegro again granted bail from failed Terraform Labs crypto executive Do Kwon. On June 3, a primary court in Montenegro once again agreed to the bail request of Do Kwon, co-founder of Terraform Labs, and his associate Han Chang-joon. Although it is unclear why the case was overturned, the country’s prosecutors will have three days to appeal the ruling.
On May 12, the Basic Court in Montenegro agreed to a $436,000 bail for Terraform Labs co-founder and CEO Do Kwon and Terra CFO Han Chang- joon with the same condition. At the time, the court ordered that the men be placed under house arrest in Montenegro pending trial. However, two weeks later, the decision was revoked after prosecutors appealed the decision. It is known that when the judgment was revoked, the Court of Montenegro had not yet received bail from the two defendants. Kwon and Chang-joon have been charged with forging official documents after attempting to fly to Dubai from Podgorica in March with alleged fake Belgian and Costa Rican passports.
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📣 Kraken Experiences 25% Surge In Canadian Customer Deposits Following Binance’s Exit
Kraken, a prominent cryptocurrency exchange, has witnessed a notable 25% increase in customer deposits from Canada since Binance announced its departure from the crypto industry in early May. The tightening of Canada’s regulatory framework for digital asset trading has led to the exodus of several major crypto exchanges, including Binance and OKX. In response, Kraken has emerged as a preferred alternative for Canadian cryptocurrency traders.
Data shared by Kraken reveals a significant surge in customer deposits from Canada following Binance’s decision to exit the crypto industry. Within the weeks following Binance’s announcement, Kraken observed a 25% increase in customer deposits, indicating a growing preference for their services among Canadian traders. Moreover, when OKX expressed its intention to depart in March, Kraken witnessed a fivefold increase in downloads of its mobile apps among Canadian customers during the subsequent week. This suggests that Canadian traders are actively seeking reliable alternatives in the wake of regulatory changes impacting the crypto exchange landscape.
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📣 SPACE ID Launches New Function To Help Users Sell Domain Names At Custom Prices
SPACE ID, a decentralized domain name service protocol, announced a new feature, allowing sellers to sell domain names at their desired custom price instead of only according to the price offered by buyers in the past. SPACE ID is a blockchain-based decentralized global name service network (Ethereum, BSC, and Arbitrum). It also functions as a Web3 domain and identity management platform, allowing users to register, trade, and administer crypto-based domain names.
Web3 domains are human-readable names that may be used to access dApps, smart contracts, NFTs, and other blockchain-based services, such as pintu.eth and pintuacademy.eth on the Ethereum network. The Web3 domain name is a tradable non-tradeable. Users may generate, sell, and maintain SPACE IDs all in one spot. Users must utilize a separate marketplace to acquire and sell domain names than the Ethereum Name Service (ENS). SPACE ID includes Web3 names for Software Development Kit (SDK) and Application Programming Interface (API) for cross-blockchain developers in addition to people. Its goal is to make it easier to integrate web3 domains into diverse applications.
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📣 Worldcoin and the Intellectual Decline of Venture Capital
Yesterday, the company behind the Sam Altman-fronted Worldcoin project announced it had raised $115 million dollars in venture capital. The raise looks like an atavistic last gasp for the kind of prestige-driven, slot-machine structured Silicon Valley fundraising fostered by a decade of cheap money. Because whether on ethical or financial grounds, there seems little rational explanation for supporting the project.
To review, Worldcoin’s pitch is essentially twofold. At its core is The Orb, a device that scans the retinas of users, so they can later confirm their identity online. The Worldcoin token, in turn, is intended to be distributed as a form of “universal basic income” (UBI) and is currently being offered as an incentive for early eyeball-scan volunteers. That makes it easy to deduce that the UBI element of the project is simply window dressing for its real goal: solving the problem of digital identity. But in fact, Worldcoin’s approach to that problem is equally terrible, presenting a dazzling array of privacy risks and moral entanglements. The company’s messaging goes to great lengths to depict both a charitable project and an opportunity for immense profits.
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📣 Bithumb CEO Accused Of Taking $3.7B Bribe To List FANC And Manipulating Price
The CEO of Bithumb is suspected of taking a $3.7 million bribe to list the FANC token. CELEbe Korea, the issuer of the FANC coin, was searched. According to an exclusive report by Digital Asset, the prosecution recently arrested and searched CELEbe Korea, the issuer of the FANC coin, in connection with allegations that the CEO of Bithumb Holdings received a bribe of 5 billion won (about $3.7 million).
The prosecutor’s office confiscated and searched CELEbe Korea, the issuer of the FANC (Fancy) Coin, on the grounds that there was evidence. The media added, among South Korean crypto exchanges, only Bithumb listed the FANC token (online as of March 2023), and about 87% of the transactions are taking place on the platform. This cryptocurrency exchange. Besides, FANC’s price trend is suspected of market manipulation centered on May 25-26. According to the data, the trading volume more than doubled, and the price increased by about 6.6%. This range is not large in the crypto market but it is questionable due to the small volume of FANC trading.
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⬜️ Crypto Exchange OKX Targets France as Regional Hub With Plan to Hire 100 People
Cryptocurrency exchange OKX is targeting France as a regional hub in Europe with plans to hire around 100 people there in the next three years, looking to join 74 other companies that have so far won regulatory approval from the country's Financial Markets Authority (AMF). The Seychelles-based firm has filed an application to become registered as a Digital Asset Service Provider (DASP).
It's not the only crypto exchange seeking a base in the European Union's second-largest economy. France last year emerged as the destination of choice for Binance as a European Union (EU) hub following its DASP registration. The world's largest crypto exchange had hired around 150 people for its Paris office by September, according to founder Changpeng "CZ" Zhao. "We would aspire to hire 100 full-time employees within three years," Byun said in an interview. "I think in the first year, we forecast [hiring] about 30 colleagues." Byun said he expects the registration process to take up to six months.
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📣 Hedge Fund Turkcorp To Launch Crypto Exchange Turkex In Turkey
Hedge fund Turkcorp announced that it would launch a new cryptocurrency exchange Turkex in Ankara, Turkey. In addition to offering crypto trading, the new exchange also supports real-time market data, charting tools, and multiple order execution methods. The crypto exchange will launch in the next few weeks, and early adopters can sign up early. Turkex’s debut comes as demand for cryptocurrency trading in the area grows and conventional investment channels.
Turkcorp’s expertise in finance and technology will be used to provide a trader-focused platform that helps them by providing strong liquidity, fair trade pricing, and minimal trading costs. The corporation has already committed considerable amounts to the new exchange’s development and marketing. To build a world-class trading experience, they have employed elite professionals that understand UI and UX. Turkey is also one of the nations that want to boost its economy using anti-inflationary methods such as cryptocurrency. According to GWI Research, Turkey saw the biggest rise in crypto ownership, with 27.1% from July-September 2021 to July-September 2022.
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📣 Privacy-Focused Network Horizen Expected to Undergo Node Upgrade in June
The Horizen network is expected to undergo a node upgrade on June 7, developers confirmed earlier this week on GitHub. Per Messari data, the hard fork has been scheduled on Horizen mainnet at block 1,363,115, estimated to arrive on Jun. 7, 2023, at approximately 13:00 UTC. Node operators have been asked to update to Zen v4.0.0 before May 31, 2023. The upgrade would bring enhancements to Horizen’s sidechain version 2 and fix minor bugs encountered in the current node version.
Sidechains refer to independent networks that operate atop a main blockchain, such as Horizen in this case. These are similar to layer 2 networks, but different in one key aspect: Sidechains have their own security mechanism, unlike layer 2 networks which rely on the security of their mother network. Different sidechains can be customized to serve specific purposes, such as having a governance-focused sidechain or a decentralized finance (DeFi)-focused sidechain. This ensures an exploit in one sidechain doesn’t impact the other. Horizen’s ZEN tokens have gained 8% over the past week, as per Coingecko.
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💰 Binance Will Support For Terra Classic And Kava 13 Upgrade
Binance, the world’s biggest cryptocurrency exchange, said on Wednesday that it would support the Terra Classic v2.0.1 network update as well as the Kava 13 mainnet upgrade. The exchange will support the Terra Classic (LUNC) network update, which is slated for May 17 at 16:45 at block height 12,815,210. The blockchain will be stopped at the block until the update is finished. Binance will halt LUNC and USTC deposits and withdrawals on the Terra Classic (LUNC) network on May 17 at 13:30 UTC.
The Terra Classic blockchain will be upgraded with various improvements, including a minimum starting deposit for governance proposals, an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and necessary security upgrades. Proposal 11511 by the Joint L1 Task Force was formally approved with 99.5% of the vote. Moreover, the proposal has received support from significant validators including as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote. Moreover, Binance will support the Protocol 13 network update, which is planned to occur at block height 4,832,500 on May 17 at 15:00 UTC. From May 17, the exchange will halt KAVA deposits and withdrawals.
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📣 Ribbon Finance's Decentralized Exchange Aevo Unveils Altcoin Options Trading
The Ethereum-based structured product firm Ribbon Finance's decentralized exchange Aevo began offering options tied to alternative cryptocurrencies (altcoins), a crypto term used to describe digital assets other than bitcoin (BTC) and sometime even ether (ETH). Aevo users can trade options tied to Lido's LDO, Pepecoin (PEPE), Sui's SUI, Arbitrum's ARB, Litecoin (LTC), Aptos (APT).
Users can pick the options strike price and tenure of these options and get instant quotes from crypto market makers Galaxy, GSR and OrBit Markets. Options are derivative contracts that offer the purchaser protection against bullish or bearish moves. A call option confers the right to purchase the underlying asset at a predetermined price on or before a specific date, while a put option offers the right to sell. The availability of onchain altcoins options means crypto traders that focus on tokens with small market caps can now set strategies, such as spreads or spot/futures and options combinations.
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🇨🇦 Binance Announces Exit from Canada, Citing Regulatory Tensions
Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment. “We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
In February, the Canadian Securities Administrators (CSA) revealed new guidance that prohibited crypto asset trading platforms within the country from allowing customers to buy or deposit stablecoins without the CSA’s prior approval. Obtaining approval would require the crypto trading platform to pass the CSA’s various due diligence checks. In its Friday tweet, Binance added that it did not agree with the new regulations but still hopes to work with Canadian regulators to further develop a regulatory framework around cryptocurrencies. Binance co-founder and CEO Changpeng Zhao (“CZ”) is a Canadian citizen, with the company describing its exit from the country as holding “sentimental value.”
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